Medical and Recreational Marijuana Sales in Colorado: 3.5 Million collected in taxes.
Colorado collected over $3.5 million in taxes on both recreational and medical marijuana sales in January alone, based on figures released today by the state's Division of Revenue. More than $2 million originated from recreational marijuana. Colorado state does not have exact numbers for the year 2014 but expects to have clear revenue patterns by the month of April, and intends to incorporate this data into future outlooks according to Barbara Brohl - executive director of the Colorado Division of Earnings. The first month of recreational Marijuana revenue falls in-line with expectations, said Barbara Brohl, , in a statement. The department said it anticipates variability in revenue collections during the first months of sales, due to variables like local acceptance of permits along with the potential the novelty of legal bud could wear off. The 3.5 million in taxes was generated by only, 59 companies who submitted a tax-return for recreational marijuana to the state, as stated by the Division of Income. But the quantity of companies offering recreational marijuana is growing. From mid-February, Colorado had 163 stores. Colorado voters approved a 10% unique sales tax on buyers, including a 15% excise tax on weed manufacturers to fund school construction. The state legislature has got the choice to raise the special sales tax to around 15% in future years. Along with that, individuals are susceptible to the 2.9% state revenue tax, together with any neighborhood sales tax. The governor predicted excise taxes and sales next fiscal year would create about $98 million in gross sales for the state -- nicely over the $70 million yearly approximation in the legalization measure approved by voters. Background info:
Colorado â€“ Marijuana and the Millennial Generation Solution Colorado has recently entered the public imagination in a way that has not been seen since the days of the old Wild West. Back then, society was faced with the thorny issue of instituting control over vast under-populated regions filled with individuals that had an incentive to avoid law and order. Today, the issue revolves around the failure of the law to maintain order, even in the most densely populated areas. The war on drugs has served as a catalyst for the disintegration of the inner city community, and the increased perception of the inequality of the law. Frankly, the only people to have benefited by a strict no-drugs policy were weapons manufacturers, and those running private jails. The public did not benefit, the law did not benefit, the economy suffered. When members of the millennial generation reached voting age, it was with the weight of two generations of failure and overflowing prisons. The question on the minds of most was, â€œHow to overcome this issue?â€? Marijuana
For many, the solution lay with an understanding of the past. The Eighteenth Amendment prohibited most personal use of alcohol, and it spawned an underground market filled with crime and death. The
solution lied with repeal to this amendment, the Twenty-First Amendment. After that, crime dropped swiftly and life returned to normal. If it worked for alcohol, then it was worth a shot with marijuana. Over the period lasting nearly a decade, numerous jurisdictions toyed with the idea of legalizing the personal use of this drug. In the United States, numerous cities had designated marijuana as a non-issue, directing the police to concentrate their efforts elsewhere. Finally, a watershed moment in this experiment in liberalization occurred in Colorado. In a public referendum of the sort unseen since the days before the Civil War, the public decided to intentionally set state law at loggerheads to the policy set in the national capital. The Presidential response was lukewarm, due to the intersection of politics and the constitutional mandate to enforce the law as passed in Congress. In the end, the President decided to punt the issue to the courts, and stated that the federal agencies involved in enforcing the nationâ€™s drug policy will respect state rights. It has been three months since this bold experiment began, and the results are striking. Much like when the alcohol prohibition was repealed, the number of arrests centered on this substance dropped dramatically. The lowered amount of arrests freed up government funds and jail space, leading to a more effective and efficient police and justice system. Concerning the public coffers, the amount of money brought in through taxes on this substance is substantial, especially in an economic environment marked by general decrease in public receipts. According to the USA Today, in the first month of legalization the state managed to bring in three and a half million dollars of fresh revenue. When coupled with lowered jail and legal costs, the total value of this change could very well be double that. The Millennial generation is best described through the lessons learned from previous generationâ€™s mistakes. Every restriction in government policy only serves to separate the masses, and to limit economic growth. This understanding has led to a new political dynamic to the American electoral system. The generation that is growing into its own understands the need for the limitation of government power, while recognizing the need for certain guarantees to be put into place. The Marijuana Solution will, without a doubt, be utilized extensively in the future in a wide variety of contexts, ranging from criminal to social justice issues. The next twenty years will be very interesting to witness. Sources: 1. http://www.erowid.org/plants/cannabis/ http://www.entrepreneur.com/article/230942 http://marijuanaseedsonline.net/ http://www.huffingtonpost.com/news/legalize-marijuana-tax-revenue/ http://www.colorado.gov/cs/Satellite?c=Page&childpagename=Revenue%2FREVXLayout&cid =1251648835854&pagename=REVXWrapper